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July 12, 2023US CONSUMER PRICE INDEX, JUNE 2023 The United States Consumer Price Index (not seasonally adjusted) for All Urban Consumers increased 3.0% year-over-year in June 2023. This was below the 4.0% increase reported in May 2023 and the smallest increase since the period ending March 2021. Compared to June 2022, prices were higher in food (+5.7%), shelter (+7.8%) and lower in energy (-16.7%). The CPI excluding food and energy rose 4.8%.
The month-over-month (seasonally adjusted) change in the CPI was 0.2% in June 2023, up from 0.1% in May 2023. Over the past month, the largest contributor to the monthly increase was shelter, followed by motor vehicle insurance. The food index was up 0.1% and energy index was up 0.6% over the previous month. The CPI excluding food and energy index was up 0.2%, the smallest monthly increase since August 2021.
Note:
Canada and Nova Scotia June 2023 CPI figures will be released on July 18, 2023.
Sources:
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
US Bureau of Labor Statistics, retrieved from FRED, Federal Reserve Bank of St. Louis
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